$40,000: What it’s costing some Sydney house buyers every month they miss out

Missing out on your dream home has never been more costly.

According to new data from Sydney-based Buyers Agents Webb & Co. Buyers Agency, median house prices on the North Shore over the past year have jumped by 5.32%.

That translates to an average monthly increase of $16,204 for houses.

Prices rose even more in suburbs such as Lane Cove ($23,000) and up to more than $39,000 in premium property locations such as Mosman.

"On average, it can take buyers anywhere from 6 to 12 months of searching before engaging a buyers agent," Annabelle Webb, director of Webb & Co. Buyers Agency said.

She said the data shows just how costly it is for every month that buyers miss out on their dream home,

“Most buyers enter the market with no strategy in place, which is costing them not only time, but potentially hundreds of thousands of dollars the longer they wait.” Ms Webb said.

"A key part of our service is streamlining the buying process and avoiding having our clients in the market for any longer than absolutely necessary."

"The more time spent in the market for a buyer, the higher price increases they see.”

Data shows on average, it takes clients of Webb & Co. Buyers Agency anywhere between 4 – 10 weeks to buy their dream home. This results in less time spent in the market, making the buying process more efficient and more cost effective.

One recent client was a 55 year old downsizer who had been searching unsuccessfully on the Lower North Shore market for 3 years. In her dream suburb, prices grew by 21% in that time. Working with a budget of $6m, this meant properties worth $5m at the start of her search, were now worth more than $6m. She was able to secure a property off-market with no buyer competition, below market value.

Ms Webb says it was a similar story for a young couple searching for an entry-level family home in Willoughby.

"Prices there jumped 6% or more than $190,000 from the start to the end of 2023," she said.

After signing with Webb & Co. late October 2023, the couple were able to re-evaluate their search and expectations, given the growth in the market.

"Thanks to our strong network and access to exclusive off-market properties, the couple secured a large family home in castle cove for 2.55m, which was within their budget and $200,000 under market value."

Ms Webb said her agency assists buyers across all price points, helping them navigate the constantly growing and ever-changing market.

"This is one of the most important parts of our service," she said.

“It’s important for buyers to get the right professional advice and have a tailored strategy, to ensure they beat the moving market and still come out with a fantastic property at the end of the day.”

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